Economy

I knew that sooner or later the state of the economy would eventually catch up to me and my company. Like almost every business out there, we are feeling the pinch of the bad economy. Publishing is one of those industries that generally does not do that well in a recession. Books are a luxury expense for most people, and when money is tight people don't buy books. They go to the library, which is great for the libraries, but not good for publishers. For the past few months our company has been doing a wonderful job to "tighten its belt"—to use a cliched phrase—and they have been doing everything possible to try to minimize the direct impact on the employees. I laud them for that. But I suppose this is something that you can do for only so long. The company has started to cut deeper. Yesterday morning we received a message from the director of operations of our office and she called an unannounced, all-hands, mandatory staff meeting. An office-wide staff meeting rarely happens spontaneously, so we all got the feeling that something serious was wrong. It turned out that the company has started to lay off employees and has instituted a summer furlough program. Employees were laid off throughout the company, but in our office we are losing only two people. It is possible that we would have lost more, but we recently have had people resign so most of these positions simply will not be replaced.

The summer furlough will last for the next three months. Everyone will be required to take six days of unpaid time off. Fortunately—I suppose—I was already planning on taking time off in late July, so I can use these furlough days to cover that time. I suppose the bright side is that I won't have to lose any vacation or personal days during that time, and I can save these days for my vacations at the end of the year. (And hopefully I still have a job at the end of the year!) But, these furlough days are still unpaid, and that is what really hurts. For the next three months, 9-10% will be deducted from every paycheck. For me that amounts to about $300-400 a month. That might not sound like a lot to some people, but when you already don't make a lot of money and when you are supporting yourself, that amount is still pretty big and I'll be feeling it. Unlike some of my friends, I don't have a spouse or significant other who is willing to pay my rent and all of my bills and tell me that I don't have to have a job if I don't want one and that I can just sit around looking beautiful. I'm not that lucky. Everyone I'm close to is poor, like me!

So this weekend, I definitely have to go through my "budget" to see what unnecessary expenses I can cut and figure out what I can do to save what little money I'm going to be making over the next few months. I am looking on the bright side, however, and trying to count the blessings that I still have. I feel bad for the people who were laid off, but I consider myself very fortunate to still have my job right now.

Current mood: frightened and stressed
Current music: iTunes on shuffle—Goo Goo Dolls "Let Love In"
Current drink: water. I can't exactly afford Cognac right now!